Banks cash top-up scheme

Dear Mr Tan,

I am a regular reader of your blog. I have found it informative and helpful. Many have found the space you have provided a very useful forum. Thank you.


I would like to find out whether there are others like me, finding banks "top-up" schemes unfair and tiring. Because only fresh funds can enjoy higher interest rate, you need to transfer funds and for all the trouble you can only enjoy the higher rate for a short period of time. Initially only Standard Chartered Bank has such scheme. Now UOB and other banks follow suit. I find such schemes very meaningless.


I hope that you can raise this problem in your blog so that others who feel the same way can come together to do something.


Liangxin
 
My comments
I agree that banks should treat their existing customers fairly. They should not get the customer to go through a lot of trouble just to enjoy a decent rate of interest that is offered to new customers for their deposits.